The chemical manufacturing unit of Malaysian state energy firm Petroliam Nasional Bhd, or Petronas, plans to spend roughly $6 billion over the next 15 to 20 years to expand its specialty chemicals portfolio through acquisitions and partnerships, its chief executive said on Monday.
The budget is part of Petronas Chemicals Group Bhd’s efforts to make the high-margin specialty chemicals unit a central part of the company’s business, Chief Executive Sazali Hamzah said in an interview with Reuters at the Asia Oil & Gas Conference.
“By doing that we are going to diversify our portfolio and our dependency on crude and gas will be a lot less,” Sazali said.
By A. Ananthalakshmi and Florence Tan
Source: Reuters
The investment enables the steam cracker to increase the share of renewable and recycled raw materials used in its (ethylene and propylene) production. The move supports the Borealis Strategy 2030 for a circular economy. The Porvoo investment program is expected to be completed in 2025.
Murray Auchincloss, bp’s CEO, said in a statement: “As I set out in February, BP’s destination from IOC [international oil company] to IEC [integrated energy company] is unchanged – and we need to deliver as a simpler, more focused, and higher-value company.
Founded in 1972, Tecnofilm has expanded its product portfolio over the years to offer a wider range of compounds and functional polymers for various industrial applications and technical articles. The company has patented several of its products.
